In its annual report, Phono Corporation reported beginning total assets of $360,000, ending total assets of $406,000, beginning fi xed assets of $300,000 (at cost), ending fi xed assets of $311,000 (at cost), ending accumulated depreciation of $106,000, depreciation expense of $16,500, and net revenues of $120,000.
Required
- Calculate Phono's fixed asset turnover ratio for the year and its average useful life and age of fi xed assets at year-end.